Singapore fund GIC to buy stake in US power group ITC for $1.65 billion

Singapore fund GIC to buy stake in US power group ITC for $1.65 billion

SINGAPORE - Singapore sovereign wealth fund GIC has struck a deal with Canadian utility Fortis Inc to buy a 19.9 per cent stake in ITC Holdings Corp for US$1.23 billion (S$1.65 billion).

In February, Fortis said it would buy US power transmission company ITC for US$6.9 billion - its biggest deal ever. It had said it would partly fund the deal by selling up to 19.9 per cent of ITC to an investor, which it did not name.

"With the definitive agreement for the sale of 19.9 per cent of ITC to GIC, Fortis has completed a significant component of the ITC acquisition financing," the three companies said in a joint statement on Wednesday.

Scotiabank acted as exclusive financial advisor to Fortis in connection with the ITC minority investor process. Citigroup Global Markets Inc. acted as financial advisor to GIC on the deal.

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